Borr Drilling Completes Acquisition of Five Premium Jack-Up Rigs

Rhea-AI Summary

Borr Drilling (NYSE: BORR) completed the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million on January 28, 2026. The deal raises Borr's fleet to 29 rigs, reinforces its international jack-up footprint, and includes renaming of the five units.

Renamed rigs: Sif (formerly Noble Regina Allen), Freyja (Noble Tom Prosser), Forseti (Noble Mick O'Brien), Bestla (Noble Resolute) and Joro (Noble Resilient). An updated Fleet Status Report incorporates the acquisitions and recent contracting developments.

Positive

• Acquisition of 5 premium jack-up rigs for $360 million
• Fleet increases to 29 rigs, strengthening market scale
• Maintains position as owner of the youngest jack-up fleet with international footprint

Negative

• None.

Key Figures

Acquisition price: $360 million Fleet size: 29 rigs Equity issuance: 21,000,000 shares at $4.00 +5 more

8 metrics

Acquisition price $360 million Total purchase price for five premium jack-up rigs

Fleet size 29 rigs BORR jack-up rig fleet after acquisition completion

Equity issuance 21,000,000 shares at $4.00 Public offering terms to help fund the acquisition

Equity gross proceeds $84,000,000 Gross proceeds from common share offering

Total debt $2.28 billion As-adjusted total debt as of Sep 30, 2025 (excluding seller financing)

Contract backlog $991.4 million Total Contract Backlog as of Sep 30, 2025 (excluding JVs)

Average dayrate $139,000 Average dayrate associated with Total Contract Backlog

Dayrate Eq. Backlog $1.3 billion Dayrate Equivalent Backlog as of Nov 5, 2025

Market Reality Check

Price: $4.51 Vol: Trading volume 6,915,580 ...

normal vol

$4.51 Last Close

Volume Trading volume 6,915,580 vs 20-day average 4,645,133, indicating elevated activity ahead of this acquisition update. normal

Technical Price $4.51 is trading above 200-day MA at $2.75, near the 52-week high of $4.65.

Peers on Argus

While BORR traded flat at $4.51, key drilling peers like NBR, SDRL, HP and PTEN ...

While BORR traded flat at $4.51, key drilling peers like NBR, SDRL, HP and PTEN showed declines between about -2% and -5%, suggesting this acquisition completion was a stock-specific catalyst rather than a sector-wide move.

Previous Acquisition Reports

1 past event · Latest: Dec 08 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Dec 08	Acquisition agreement	Positive	+0.3%	Announced agreement to acquire five premium jack-up rigs for $360 million.

Pattern Detected

Prior acquisition-related news produced a small positive move, suggesting historically muted but constructive reactions to such expansions.

Recent Company History

This announcement completes the acquisition of five premium jack-up rigs first outlined on Dec 8, 2025, when BORR agreed to buy them for $360 million, expanding its fleet from 24 to 29 rigs. That earlier acquisition news saw a modest 0.25% gain. Subsequent equity and debt offerings in December 2025 and January 2026 were structured to finance the same transaction, adding leverage and dilution but enabling fleet growth and broader market exposure. Today’s update confirms closing rather than changing the deal’s economics.

Historical Comparison

acquisition

+0.3 %

Average Historical Move

Historical Analysis

Past acquisition news for BORR prompted modest share moves around 0.25%, indicating historically measured market reactions to fleet expansion deals.

Typical Pattern

This news reflects progression from the Dec 2025 acquisition agreement toward full closing and integration of the five premium jack-up rigs into BORR’s modern fleet.

Market Pulse Summary

This announcement finalizes BORR’s acquisition of five premium jack-up rigs for $360 million, expand...

Analysis

This announcement finalizes BORR’s acquisition of five premium jack-up rigs for $360 million, expanding its fleet to 29 rigs and reinforcing its position in shallow-water drilling. Earlier filings outlined financing through new senior secured notes, seller credit and equity issuance, bringing as-adjusted debt to about $2.28 billion. Investors may monitor how the added capacity converts into backlog beyond the reported $991.4 million and supports dayrates near $139,000 amid sector volatility.

Key Terms

jack-up rigs

1 terms

jack-up rigs technical

"completed its previously announced acquisition of five premium jack-up rigs from Noble"

A jack-up rig is a mobile offshore platform used for drilling or servicing wells that lowers extendable legs to the seabed and then raises the working platform above the water like a table on stilts. Investors care because these rigs are revenue-generating assets whose value and income depend on oil and gas demand, contract rates and utilization; think of them as specialized rental equipment whose earnings rise and fall with energy prices and project activity.

AI-generated analysis. Not financial advice.

HAMILTON, Bermuda, Jan. 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today announced that it has completed its previously announced acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million.

This acquisition increases Borr Drilling's fleet to 29 rigs, strengthens our ability to serve customers across key offshore basins, and solidifies our position as the leading pure-play owner of premium jack-up rigs. Following this transaction, Borr Drilling continues to own the youngest jack-up rig fleet with an international footprint.

Borr Drilling's Chief Executive Officer Bruno Morand commented, "We are pleased to have expanded our premium fleet at an opportune point in this market cycle. These five jack-up rigs are highly compatible with our existing portfolio and provide well-suited capacity for near-term opportunities. The Borr Drilling platform-built on operational excellence, customer centricity, and our premium jack-up rig fleet-remains our defining competitive advantage, and we believe this expansion will deepen customer relationships and drive attractive long-term value for shareholders."

Rig Renaming
In connection with the acquisition, the five jack-up rigs are to be renamed as follows:

Legacy Rig Name	New Rig Name
Noble Regina Allen	Sif
Noble Tom Prosser	Freyja
Noble Mick O'Brien	Forseti
Noble Resolute	Bestla
Noble Resilient	Joro

Enclosed with this press release is an updated Fleet Status Report that incorporates the five acquired rigs and reflects other recent contracting developments.

About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.

Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding potential opportunities, the suitability of our rigs for potential opportunities, potential value creation for certain stakeholders, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to our ability to secure contract commitments, the performance of our rigs under contracts, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2024 and our other filings with and submissions to the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-completes-acquisition-of-five-premium-jack-up-rigs,c4299477

The following files are available for download:

https://mb.cision.com/Public/16983/4299477/a048c391ba757e0d.pdf

260128 Borr Drilling Limited Fleet Status Report pdf

View original content:https://www.prnewswire.com/news-releases/borr-drilling-completes-acquisition-of-five-premium-jack-up-rigs-302673237.html

SOURCE Borr Drilling Limited

FAQ

What did Borr Drilling (BORR) acquire on January 28, 2026?

Borr acquired five premium jack-up rigs from Noble Corporation for $360 million. According to the company, the transaction expands its fleet to 29 rigs and is reflected in an updated Fleet Status Report.

How does the BORR acquisition affect the company’s fleet size and position?

The deal increases Borr's fleet to 29 rigs and reinforces its leading pure-play premium jack-up position. According to the company, this strengthens its ability to serve key offshore basins and international customers.

Which rigs were renamed after the BORR acquisition from Noble Corporation?

The five acquired rigs were renamed Sif, Freyja, Forseti, Bestla and Joro. According to the company, these correspond to the legacy Noble Regina Allen, Tom Prosser, Mick O'Brien, Resolute and Resilient.

What was the purchase price Borr Drilling (BORR) paid for the five rigs?

Borr paid a total of $360 million for the five premium jack-up rigs. According to the company, the acquisition is completed and incorporated into its updated Fleet Status Report.

Will the BORR acquisition change fleet reporting or contract schedules?

Yes. The company issued an updated Fleet Status Report that incorporates the five acquired rigs and recent contracting developments. According to the company, the report reflects current fleet and contract status.